4/1/2013: Major economies PMIs for December 2012

US Manufacturing: December 50.7 from November 49.5 - statistically not significant as above 50 reading, so a shallow positive, with a swing of 1.2 ppts being a good indicator of gradual strengthening. New orders static at 50.3 and employment gains at 52.7 in December against 48.4 (contraction) in November.

Germany: 46.0 in December a deterioration on already abysmal 46.8 reading in November. Clear contraction territory.

France: 44.6 in December after 44.5 in November - an outright recession.

Italy: 46.7 in December on 45.1 in November - falling off the cliff at a slightly reduced rate.

UK: 51.4 in December on 49.2 in November - expansion, albeit moderate in December.

Japan: 45.0 in December, worse than already recessionary November reading of 46.5.

China: 50.6 in December, unchanged on November - both not statistically significantly different from 50.0. Employment continues to contract: 49.0 in December on 48.7 in November, while New Orders are growing at 51.2 in both months - modest growth rate.

Brazil: 51.1 in December on 52.2 in November - signalling slowdown in already weak growth in November.

So Manufacturing sector is pretty ugly.

Services:

US: to 56.1 in December from 54.7 in November, confirming strong growth trend. Employment at 56.3 in December - a robust uplift, on top of relatively static 50.3 in November. New Orders rising to blistering 59.3 in December from 58.1 in November.

Euro area: to 47.8 in December from 46.7 in November - both signalling contraction

Germany: bucking the trend for the euro area to 52.0 in December from 49.7 in November, with now moderate expansion

In contrast to Germany, France went deeper into contraction territory: 45.2 in December against 45.8 in November.

Italy matched France and raised: 44.6 in December (a depression-level reading) from 46.0 in November (a recession reading).

UK stumbled: 48.9 in December (mild contraction) against 50.2 (effectively flat) in November.

China: robust 56.1 in December on foot of strong 55.6 in November

Brazil slightly less impressive, but stil positive: 53.5 in December relative to 52.5 in November.

So Services are all over the shop with the euro area remaining the Ugly of the Bad.

Disclaimer

This blog represents my personal views and is not reflective of the views or opinions held by any company, contractor, client or employer I work for currently or have worked for in the past. These views are not an endorsement to take any action in the markets or of any political position, figures or parties.

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